SBP data revealed an uptick in remittances, which could also be attributed to Ramazan.
Stock Market opens on a high note after Eid holidays. On the last trading day before Eid holidays (April 9), the Stock Exchange of Pakistan (PSX) remained bullish, propelling shares upwards by over 600 points to close above 70,000 points.
According to data released by the PSX website, the benchmark KSE-100 index soared past the crucial 70,000 mark to achieve an all-time high, marking the fourth consecutive session of record-breaking gains.
Today, the benchmark KSE-100 index opens at 70,314.71 points, amidst stability in the local market and economic and political chaos in the international market.
However, investors still have the commitment by Saudi Arabia of expediting the initial tranche of a $5 billion investment in Pakistan, along with more potential cooperation with Turkiye as well. Moreover, the State Bank of Pakistan’s (SBP) data revealed an uptick in remittances, which could also be attributed to Ramazan.
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Yesterday, Finance Minister Muhammad Aurangzeb left for the United States on a trip aimed at fostering international financial cooperation. This might also work towards building momentum in the market today.
Whether the index continues to build on momentum or whether investors return with a caution outlook remains to be seen.
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